Monthly Rent Payments to be Included on Credit Scores

 



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Introduction to Renters' Credit Reporting


Renters payments will be put on their credit scores, good or bad. Let's talk about that. Let's take a quick look. 


Pros and Cons of the New Law


There are always pros and cons to everything right? But from a landlord's perspective, if you put somebody in that is a squatter or a poor tenant and they don't make payments, that should be reflected.


Rents are expensive. I totally understand that. So people are saying, yes, this is a good thing. And people are saying, no, this is a bad thing because it hurts them overall.  


Details of the 2020 Law Extension


The new law is an extension of the 2020 law that allows people living in subsidized housing to report positive rent payments to a credit bureau.


But Haney,  an assembly member in San Francisco says many renters spend a majority of their income on rent and prioritize their rent payments over all other expenses each year, but their on-time payments are never reflected on credit scores, even when they are missed or paid here's the thing, this is the legal group against it. 


Landlord and Tenant Perspectives


Advocates for low-income Californians, a tenant's right under the law should not depend on the number of units their landlord. So this law also includes, buildings of 15 units or more, if you move into a big, place, like the Oaks over there, then they can report on it.


It's not required on mom-and-pop, single-family income single-family homes, or multi-units up to 14 units. And there's a cost to this as well. So the business is more than 15 units. It also lands the Lord to collect 10 of the actual cost of rent reporting each month. If you move into a big apartment, 10 of your month goes towards reporting this, whether you like it or not, it's a requirement.


And guess what? That means your rents are going to go up as well. It also says without these changes, the bill would do more harm than good by codifying a harmful and unworkable exemption. Leaving tenants who opt into credit reporting, vulnerable to eviction. 


Personal Insights and Moving Plans


If you can't pay rent, don't rent. If you can't afford to live in a place, you have to move. I have one more year before my girls graduate high school and I'm moving out of California, San Jose, at least to a different place where it's a little bit more affordable I choose to find places that are more affordable so that I can have a better lifestyle for the money that I make.


And no, I don't make a million dollars a year. 


Challenges of Renting Out Property

Monthly Rent Payments to be Included on Credit Scores

Apartments, or if you have homes that you rent out, are the biggest fear, and I have this all the time. Have you ever thought about renting your house out instead of selling it?


California landlord laws are so strict. for the tenants that there's no reason why I would want to keep this house. And potentially put a bad renter in there. Then I have to spend two years and tons of money trying to get rid of them.

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So is it a bad thing? I don't know. I would love to hear from you and let me know what you think. 


Cupertino House of the Week

Cupertino Home of the Week

Cupertino house of the week, not my listing. This is Avenida Lane. It has six bedrooms, six full baths, 3, and 900 square feet. This could be a duplex. The reason why I chose it is because it's really close to the hills.


Linda Vista Park is in this area I spent my youth going to this park, hiking these trails, and having fun Let's take a quick look beautiful house. Look at the amazing view Gorgeous.


Another reason why I picked this out is because I think it's a list price decrease on this But yeah,  beautiful mountain living I can almost guarantee you're gonna be paying the California fair plan on this for insurance.


This list price decreased only 4. 5 million and it's been on the market for 70 days. We have a dated house. It doesn't matter where you are. You can't be a market maker has to be nice, beautiful, attractive to everybody. And you're going to do this. 


Willow Glenn House of the Week

Willow Glen Home of the Week

Now, this person right here is breaking the rules and I get to go report them today.


This is Curtis Ave and this is, where is this?


This is the Willa Glenn house of the week. And yep, Lincoln right here, it was walking distance to Lincoln, five bedrooms, five full baths, 2, 600 square feet built in 2023. Just so you know, if you ever see people or agents doing this is not allowed.  Bad juju, is not allowed to do that. You're not supposed to brand any photos on the MLS, but I can guarantee you right now, this right here is nice that they did this.


I love the fact that they did this. Let's see.


Wow. It looks like a beach home.


Can we have 10 more pictures of the stairs?


I just want to go here. I think this is better because instead of flipping you can spend more time looking at it. Let's have more pictures of the stairs. There's another one of the stairs. Oh, look, another picture of the stairs. Oh, two pictures of the fireplace.


That's a lot of pictures of the fireplace. I went to a friend's house yesterday to help build props for the Santa Teresa band, and they did this to their house. And I love this idea. White on top, natural look on bottom. I think that looks great. That


The accent is gray. It looks really good. It's a good-looking house. However, you can't have that. You can't put your brand on there.  


Luxury House of the Week

Luxury Home of the Week

Luxury house of the week. Wish it was my listing, but it's not.


A mere 55 million dollars, nine bedrooms, 12 full baths, three half baths, 15, 000 square foot Winchester mystery house on one and a half acres. This is in Atherton. Let's take a look at some of these pictures. They only give you 16 pictures. This is a beautiful house though.


Yeah, that's beautiful. Wish they had a floor plan. You'd think 55 million, you can afford a floor plan, right? I colored this up a little bit so you can see more definition of what we're looking at. 


Real Estate Market Comparison

YTD SALES 12 Bay Area Counties

Santa Clara County 6, had 200 sales so far this year, as opposed to Alameda County. I'm going to compare and contrast Alameda because their listing numbers are huge, but also it's more affordable.


If you look at the average sales price in Alameda right now, it's about 1. 4 million and Santa Clara County is 2. 3, very close to 2. 5, which is San Mateo. The volume is way over twice what San Mateo is coming in at. So 14 billion in sales volume so far in Santa Clara County. These are single-family homes, not condos or anything else.


Just raw numbers. Let's see. San Mateo dropped 10, 000. Number of listings year to date. Alameda has more listings so far, but you wonder why the volume isn't up. It's getting close. Just like Contra Costa. Alameda County is more affordable.


 It's not as hot. The only thing that sucks is eight 80 going through there. You have the Hayward corridor, which slows everything down. They need to widen that up or do something about the traffic. Everybody drives really slow there. In number in contract, we have way over 500 more than Alameda, but you see their volumes picking up.

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So it seems like people are done buying here in Santa Clara County and focusing their efforts in Alameda because it's more affordable. And if you're going to move and be a first-time home buyer, Alameda is the place to be.


Yes, you're going to travel a little bit more. But versus going to Morgan Hill, where there's a ton of traffic, or San Mateo, which is unaffordable. Alameda seems to be the place where people are moving to right now. If you're interested in learning more about that, let me happy to help you out.


I'm Vito with Abitano. We'll see you out there.


Vito Scarnecchia Real Estate Broker, Veteran, Dad DRE#: 01407676 408-705-6817 Vito@abitano.com Website: abitano.com https://www.onereal.com/vito-scarnecchia-1 update your home value: https://hmbt.co/bT7qRJ RELOCATION@ABITANO.COM FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents! Book appointments here: https://calendly.com/abitano/15min Home Buyers Course YT YouTube.com/SanJoseLiving IG https://www.instagram.com/abitanogroup/ FB https://www.facebook.com/vito.scarnecchia/ LI https://www.linkedin.com/in/vito-scarnecchia/ Blog http://blog.abitano.com/ POD https://spotifyanchor-web.app.link/e/oxdH1Hwfcvb Professional Photography by Kim E https://photosbykime.com / Local Real Estate Market and Home Value Report https://hmbt.co/bT7qRJ Financial Intelligence https://docs.google.com/forms/d/e/1FAIpQLSc0R5pjHIAPguZ5GDEB-fTbGJXKpWK3coK9Khymv_GTWkMnyQ/viewform?usp=send_form https://www.onereal.com/vito-scarnecchia-1 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg

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